TruFin turns EBITDA positive, FY revenues surge

18th Nov 2024 08:02

(Sharecast News) - Financial services firm TruFin said on Monday that full-year revenues were expected to be "significantly ahead of market expectations", driven by a "strong performance" from both the console and mobile divisions of Playstack.

TruFin said FY revenues were expected to be more than £42.0m, representing year-on-year growth of in excess of 132%, putting the group on track to record its first annual positive underlying earnings performance of at least £3.5m.

The AIM-listed firm also noted that despite absorbing the financial impact from the termination of a Tier-1 bank's contract at Satago Financial Solutions, adjusted pre-tax losses were also anticipated to show a "material improvement" year-on-year at a loss of no more than £2.5m.

"Given the group's performance, strong cash position and increasing visibility, the board is pleased to present its medium-term financial guidance. Given the outstanding success of 2024, the board expects 2025 to see a consolidation of the record revenue outcome in 2024. Importantly, the board expects group EBITDA to remain on a sustainably positive trajectory during 2025 and beyond," said TruFin.

As of 1015 GMT, Trufin shares had surged 15.63% to 74.0p.

Reporting by Iain Gilbert at Sharecast.com